Scottish Investment of 100 Million Euros in Crete Postponed

The Minoan Group is a major business group based in Glasgow, Scotland, planning to invest more than 100 million euros on the Cretan land in order to establish tourist facilities. But the political upheaval and the country’s elections stunted this investment, pushing Minoan’s shares lower, according to the Scottish company. Then came the country’s elections and thus, the processes had to be postponed for after June 17.
As a result, the stock index fell by 9.7 %, so that the company dealt with losses of about 9 million pounds. The Scottish Minoan officials commented that they hope Greece’s future government will try more to attract foreign investments in tourism sector and added, “The board remains confident that the project’s full potential will be realized in due course.”
They also expressed the belief that Greece, with its stunning natural beauty, will always regard tourism as a prominent sector of the Greek economy.

Meanwhile, the Minoan group bought several travel agencies in Scotland. The latest acquisition of theirs is the Ski Travel Centre. They have also purchased Stewart Travel in March and John Semple Travel, as well as King World Travel.
Christopher Egleton, chairman of Minoan, said that these acquisitions “generate value for Minoan’s shareholders,” suggesting that such a big company is worth investing in.